Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 119,100 82,000 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Sales Income Statement For Current Year Ended December 31 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $54,600 cash. $ 1,847,000 1,097,000 750,000 505,000 54,000 191,000 37,400 $ 153,600 b. Issued 13,100 shares of common stock for $5 cash per share. c. Declared and paid $100,000 in cash dividends. $ 175,000 99,500 617,500 892,000 364,600 (163,500) $ 1,093,100 $ 109,000 537,000 738,100 310,000 (109,500) $ 938,600 $ 82,000 30,600 112,600 39,000 148,000 605,200 579,000 215,800 176,500 124,100 70,500 $ 1,093,100 $ 938,600 Required: Prepare a complete statement of cash flows using the direct method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities $ 0 Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year 0 0 $ 0 $ 0
Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 119,100 82,000 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Sales Income Statement For Current Year Ended December 31 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $54,600 cash. $ 1,847,000 1,097,000 750,000 505,000 54,000 191,000 37,400 $ 153,600 b. Issued 13,100 shares of common stock for $5 cash per share. c. Declared and paid $100,000 in cash dividends. $ 175,000 99,500 617,500 892,000 364,600 (163,500) $ 1,093,100 $ 109,000 537,000 738,100 310,000 (109,500) $ 938,600 $ 82,000 30,600 112,600 39,000 148,000 605,200 579,000 215,800 176,500 124,100 70,500 $ 1,093,100 $ 938,600 Required: Prepare a complete statement of cash flows using the direct method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities $ 0 Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year 0 0 $ 0 $ 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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i need the answer quickly
![Required information
[The following information applies to the questions displayed below.]
Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For
the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all
purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any
change in Income Taxes Payable reflects the accrual and cash payment of taxes.
Assets
Cash
GOLDEN CORPORATION
Comparative Balance Sheets
December 31
Current Year
Prior Year
$ 119,100
82,000
Accounts receivable
Inventory
Total current assets
Equipment
Accumulated depreciation-Equipment
Total assets
Liabilities and Equity
Accounts payable
Income taxes payable
Total current liabilities.
Equity
Common stock, $2 par value
Paid-in capital in excess of par value, common stock
Retained earnings
Total liabilities and equity
Sales
Cost of goods sold
Gross profit
GOLDEN CORPORATION
Income Statement
For Current Year Ended December 31
$ 1,847,000
1,097,000
750,000
505,000
54,000
191,000
Operating expenses (excluding depreciation)
Depreciation expense
Income before taxes
Income taxes expense
Net income
Additional Information on Current Year Transactions
a. Purchased equipment for $54,600 cash.
37,400
$ 153,600
b. Issued 13,100 shares of common stock for $5 cash per share.
c. Declared and paid $100,000 in cash dividends.
$ 175,000
99,500
617,500
892,000
364,600
(163,500)
$ 1,093,100
$ 109,000
39,000
148,000
537,000
738,100
310,000
(109,500)
$ 938,600
$ 82,000
30,600
112,600
605,200
215,800
124,100
$ 1,093,100
Required:
Prepare a complete statement of cash flows using the direct method for the current year.
Note: Amounts to be deducted should be indicated with a minus sign.
GOLDEN CORPORATION
Statement of Cash Flows
For Current Year Ended December 31
Cash flows from operating activities
$
0
Cash flows from investing activities
Cash flows from financing activities
Net increase (decrease) in cash
Cash balance at December 31, prior year
Cash balance at December 31, current year
0
0
$
0
$
0
579,000
176,500
70,500
$ 938,600](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe54a3f04-c311-441b-90bd-d82be4041a6b%2Fd4d9b99d-56e3-4506-9757-57b384bee4f6%2Fmmp5udp_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For
the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all
purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any
change in Income Taxes Payable reflects the accrual and cash payment of taxes.
Assets
Cash
GOLDEN CORPORATION
Comparative Balance Sheets
December 31
Current Year
Prior Year
$ 119,100
82,000
Accounts receivable
Inventory
Total current assets
Equipment
Accumulated depreciation-Equipment
Total assets
Liabilities and Equity
Accounts payable
Income taxes payable
Total current liabilities.
Equity
Common stock, $2 par value
Paid-in capital in excess of par value, common stock
Retained earnings
Total liabilities and equity
Sales
Cost of goods sold
Gross profit
GOLDEN CORPORATION
Income Statement
For Current Year Ended December 31
$ 1,847,000
1,097,000
750,000
505,000
54,000
191,000
Operating expenses (excluding depreciation)
Depreciation expense
Income before taxes
Income taxes expense
Net income
Additional Information on Current Year Transactions
a. Purchased equipment for $54,600 cash.
37,400
$ 153,600
b. Issued 13,100 shares of common stock for $5 cash per share.
c. Declared and paid $100,000 in cash dividends.
$ 175,000
99,500
617,500
892,000
364,600
(163,500)
$ 1,093,100
$ 109,000
39,000
148,000
537,000
738,100
310,000
(109,500)
$ 938,600
$ 82,000
30,600
112,600
605,200
215,800
124,100
$ 1,093,100
Required:
Prepare a complete statement of cash flows using the direct method for the current year.
Note: Amounts to be deducted should be indicated with a minus sign.
GOLDEN CORPORATION
Statement of Cash Flows
For Current Year Ended December 31
Cash flows from operating activities
$
0
Cash flows from investing activities
Cash flows from financing activities
Net increase (decrease) in cash
Cash balance at December 31, prior year
Cash balance at December 31, current year
0
0
$
0
$
0
579,000
176,500
70,500
$ 938,600
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